Mr. Robert Kay reports

KILLAM APARTMENT REIT ANNOUNCES APPOINTMENT OF TWO NEW TRUSTEES

Killam Apartment Real Estate Investment Trust has appointed Andree Savoie and Shant Poladian to Killam's board of trustees effective July 4, 2023.

Ms. Savoie is the president and CEO of Acadian Properties Ltd., a commercial real estate development and property management company in the Maritime provinces. Ms. Savoie has served on various boards, including National Bank of Canada, Assumption Mutual Life Insurance Company, Athletics New Brunswick, Greater Moncton YMCA Foundation and Efficiency Nouveau Brunswick. Her director positions also include chairing the board of directors of Assumption Mutual Life Insurance Company in addition to appointments on the human resources, audit and governance committees of certain other boards.

Committed to her community, Ms. Savoie co-founded the annual fundraising event supporting Crossroads for Women Moncton, helping women and children transition from crisis to empowerment by providing safe housing, education and one-on-one support, in addition to participating in several local capital campaigns. She holds a bachelor's degree in chemical engineering from McGill University and a master's in applied sciences (specializing in environmental engineering) from the University of Ottawa. Ms. Savoie also holds the Institute of Corporate Directors, director designation.

Mr. Poladian is a senior real estate and capital markets professional with over two decades of experience. He is managing director of Springhurst Capital Corp., a real estate advisory firm, and chief executive officer/co-founder of Junction Realty Partners Inc., a boutique private equity and real estate firm exclusively focused on developing mini-mid rise residential rental properties in Toronto's core urban neighbourhoods. Previously, Mr. Poladian was the chief executive officer of FAM REIT.

Mr. Poladian has been involved in various capacities with several public companies, including Canaccord Genuity (Capital Markets) as a managing director of Real Estate/REIT Equity Research Analyst, Huntingdon Capital Corp. as a senior executive, and Amica Mature Lifestyles Inc. as an independent director and member of the audit committee. Mr. Poladian is currently on the Canna 8 Investment Trust and Jo-Jo Capital Ltd. boards, both capital pool companies.

Mr. Poladian holds a bachelor of commerce degree from the University of Toronto, CPA and CA (Ontario) designations and a U.S. CPA (Delaware) certificate.

"We are delighted to have Andree and Shant join our board. Andree's extensive experience in commercial real estate, her understanding of construction as a PEng and her past board experience will be a great asset for Killam, while Shant's experience as an equity research analyst, senior management experience and knowledge of the capital markets will provide tremendous value to Killam," commented Robert G. Kay, chair.

About Killam Apartment Real Estate Investment Trust

Based in Halifax, N.S., Killam Apartment is one of Canada's largest residential real estate investment trusts, owning, operating and developing a $4.9-billion portfolio of apartments and manufactured home communities. Killam's strategy is to enhance value and profitability by focusing on three priorities: (i) increasing earnings from existing operations; (ii) expanding the portfolio and diversifying geographically through accretive acquisitions, with an emphasis on newer properties; and (iii) developing high-quality properties in its core markets.